Simbisa brands announced on Wednesday that it will henceforth be selling its products in US dollars at discounted prices compared to the local currencies. Simbisa runs fast food outlets that include Nandos, Chicken Inn, Fish Inn and Ocean Basket, among others.
The Simbisa group issued a statement which reads as follows:
Introducing the Pindula News Mobil App
Download from Google Play Store
Due to the prevailing national circumstances, all our bankers are failing to provide us with foreign currency at the regulated exchange rate of 1:1 between the US and local dollars.
… Due to the severe foreign currency shortages facing our the country we are failing to meet outstanding obligations for raw materials and franchise fees which cannot be substituted locally due to intellectual property agreements on brands.
Simbisa Brands is a fast food outlet company in Africa with its roots in Zimbabwe. The company was a subsidiary of the Innscor Africa Limited group until 2015 when it was unbundled and listed seperately on the Zimbabwe Stock Exchange. Read More About Simbisa Brands